Ally Bridge Group NY LLC Takes $5.01 Million Position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Ally Bridge Group NY LLC bought a new stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 187,695 shares of the company's stock, valued at approximately $5,010,000. Edgewise Therapeutics accounts for about 2.7% of Ally Bridge Group NY LLC's portfolio, making the stock its 18th largest holding. Ally Bridge Group NY LLC owned about 0.20% of Edgewise Therapeutics at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Sofinnova Investments Inc. bought a new position in shares of Edgewise Therapeutics in the second quarter worth approximately $8,567,000. Federated Hermes Inc. purchased a new position in Edgewise Therapeutics in the second quarter worth $833,000. Vanguard Group Inc. increased its stake in Edgewise Therapeutics by 89.0% in the first quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company's stock valued at $73,278,000 after acquiring an additional 1,892,053 shares during the last quarter. SG Americas Securities LLC raised its position in Edgewise Therapeutics by 657.9% during the second quarter. SG Americas Securities LLC now owns 64,173 shares of the company's stock valued at $1,156,000 after purchasing an additional 55,706 shares in the last quarter. Finally, abrdn plc bought a new stake in Edgewise Therapeutics during the third quarter worth about $6,850,000.

Insider Activity at Edgewise Therapeutics

In other news, General Counsel John R. Moore sold 50,000 shares of Edgewise Therapeutics stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.37, for a total value of $1,418,500.00. Following the completion of the transaction, the general counsel now owns 3,252 shares of the company's stock, valued at $92,259.24. The trade was a 93.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO R Michael Carruthers sold 125,092 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the sale, the chief financial officer now directly owns 6,904 shares in the company, valued at $197,247.28. This trade represents a 94.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 278,176 shares of company stock valued at $7,893,316 in the last three months. Company insiders own 24.11% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Piper Sandler increased their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an "overweight" rating in a research report on Friday, October 11th. Wedbush upped their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. JPMorgan Chase & Co. lifted their price objective on Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an "overweight" rating in a report on Monday, August 12th. Evercore ISI started coverage on Edgewise Therapeutics in a research note on Friday, November 22nd. They issued an "outperform" rating and a $45.00 price target on the stock. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $32.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Edgewise Therapeutics currently has a consensus rating of "Buy" and an average target price of $42.33.

Edgewise Therapeutics Trading Up 0.4 %

Edgewise Therapeutics stock traded up $0.12 during trading hours on Thursday, hitting $32.20. 609,934 shares of the stock traded hands, compared to its average volume of 937,022. Edgewise Therapeutics, Inc. has a one year low of $5.93 and a one year high of $38.12. The firm's 50-day moving average price is $31.77 and its two-hundred day moving average price is $23.04. The company has a market cap of $3.05 billion, a PE ratio of -21.47 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.37) by $0.01. On average, sell-side analysts expect that Edgewise Therapeutics, Inc. will post -1.46 earnings per share for the current fiscal year.

Edgewise Therapeutics Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.